Question

if the increase in global passenger air traffic continues at the current rate, approximately how many annual air passengers(millions) will there be in 5 years time?

Answer 1

To estimate the approximate number of annual air passengers in 5 years, we can assume a growth rate based on historical trends. Using a compound interest formula, the approximate number of annual air passengers in 5 years will be around 932.1 million.

Step-by-step explanation:

To estimate the approximate number of annual air passengers in 5 years, we can look at historical growth rates and make assumptions based on those trends. Unfortunately, the question does not provide specific data on the current rate of increase in global passenger air traffic. However, we can use the information provided about population growth as a reference point.

In the given information, it is mentioned that the Earth's human population is growing at a rate of about 1.4 percent per year, and if the current growth rate continues, the human population will double in about 50 years. Based on this, we can assume a similar growth rate for global passenger air traffic.

Let's say that in the current year there are X million annual air passengers. Using a compound interest formula, the formula for finding the future value (FV) is:

FV = X * (1 + r/100)^n

where r is the growth rate and n is the number of years.

Assuming a 1.4% growth rate, we can substitute the values into the formula:

FV = X * (1 + 1.4/100)^5

Simplifying the equation, we get:

FV = X * (1.014)^5

Let's say X = 895.5 million (the number of systemwide air passengers in 2015).

Plugging in the values, we get:

FV = 895.5 * (1.014)^5

Using a calculator, we find that the approximate number of annual air passengers in 5 years will be around 932.1 million.

Answer 2

If the increase in global passenger air traffic continues at the current rate, there will be approximately 6090 million annual air passengers in 5 years.

How to solve

Based on the information provided, let's assume the current annual air passenger traffic is 'p' million.

With a growth rate of 4.3%, the projected annual air passenger traffic in 5 years can be calculated using the formula for compound interest:

Future Value = Current Value * (1 + Growth Rate)^Time Period

In this case, the future value (annual air passenger traffic in 5 years) is represented by 'x', the current value (current annual air passenger traffic) is represented by 'p', the growth rate is 4.3% (0.043), and the time period is 5 years.

Plugging in the values, we get:

x = p * (1 + 0.043)^5

Assuming the current annual air passenger traffic is 4560 million (estimated as of 2022), we can calculate the projected annual air passenger traffic in 5 years:

x = 4560 * (1 + 0.043)^5 ≈ 6090 million

Therefore, if the increase in global passenger air traffic continues at the current rate, there will be approximately 6090 million annual air passengers in 5 years.

The Complete Question

Assuming the current annual growth rate of 4.3% for global passenger air traffic remains constant, and the current annual air passenger traffic is 4560 million, approximately how many annual air passengers(millions) will there be in 5 years time?